AlgiKnit Closes $2.2M Seed Round to Develop Kelp-Derived Yarn

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November 16, 2018

NYC biomaterials company spins bio-derived yarn from kelp. Addressing the overabundance of everlasting plastics, AlgiKnit is creating the next generation of sustainable wearable materials, produced within a closed-loop life cycle.New York, NY, November 16, 2018—Today AlgiKnit, a biomaterials company developing yarn spun from kelp, announced a $2.2 million Series Seed round of financing led by Horizons Ventures and including SOSV.The funding will propel the company through the next steps of development, towards manufacturing and commercialization of their bio-derived yarn.To create an alternative to conventional textiles, AlgiKnit spins yarn from a combination of algae and plant biopolymers, primarily including kelp, one of the fastest growing organisms on earth. This seaweed absorbs the greenhouse gas carbon dioxide at a rate up to five times faster than land-based plants and improves marine habitats. By using a non-toxic wet-spinning process, the company transforms these sustainable biopolymers into a strong, hypoallergenic and compostable yarn. When products made from AlgiKnit’s yarn are worn out, they can be bio-recycled and reclaimed for the next generation of products.“Our goal at AlgiKnit is to make fashion synonymous with sustainability.” Said Aaron Nesser, Co-Founder and CEO of AlgiKnit. “AlgiKnit Yarn sidesteps the harmful impacts of conventional fibers, the result is a material with exceptional sustainability performance, which does not contribute to microfiber or microplastic pollution. We’re exceptionally pleased to be working with such visionary partners.”Bart Swanson, Advisor to Horizons Ventures shared, "Climate change affects everyone. We are excited that Algiknit’s biomaterials will give a sustainable option to the textile and fiber industry."Horizons Ventures, the private investment arm of Mr. Li Ka-shing, is a leading investor in some of the world’s most innovative companies and disruptive technologies including Facebook, Waze, Spotify, Siri, Improbable, and Impossible Foods.AlgiKnit Inc. was founded in 2017 with a mission to transform the fashion industry, utilizing science and design to create new, sustainable materials that fit into a circular economy.

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